As confirmed cases of coronavirus increase around the globe, billionaires and multinational corporations around the world are deploying their dollars to help health authorities combat the disease.
Why it matters: Investors and businesses fear that the virus if not contained could wreak havoc on the global economy by cutting into China's 2020 growth, Axios' Dion Rabouin and Joann Muller report.
- Economists have estimated that the outbreak could drag China's growth rate down 2% this quarter, which would result in $62 billion lost in growth, CNN reports.
Billionaires
- The Bill and Melinda Gates Foundation pledged to give $100 million to help "strengthen detection, isolation and treatment efforts; protect at-risk populations; and develop vaccines, treatments and diagnostics."
- Jack Ma, the founder of Alibaba and China's richest man, will commit $14.4 million through his foundation, designating $5.8 million for two Chinese government research organizations working on a vaccine.
Multinationals
- Alibaba created a $144 million fund to buy medical supplies for Wuhan and Hubei province, the epicenter of the virus outbreak, and it's offering AI computing power to research organizations searching for a vaccine or treatments.
- Tencent, another Chinese giant, founded a $42.7 million fund for medical supplies for Wuhan.
- Microsoft will contribute $142,400 to support relief efforts in Wuhan and Hubei province, according to the Financial Times.
- Cargill, a Minnesota-based agriculture company, and Dell will both donate $284,800 to the Chinese Red Cross.
- Boeing will give 250,000 face masks to aid workers and medical personnel in Wuhan and Zhoushan.
The big picture: Though vaccine research started just hours after Chinese officials identified the new strain of coronavirus, it may be months or even a year before the public can access a vaccine, according to the New York Times.
- The teams racing for a vaccine have to thoroughly test their products in multiple medical trials before they can start marketing them.
Go deeper: China's stocks plunge to 1-year low as coronavirus cases soar
Editor's note: This piece was updated to include the Bill and Melinda Gates Foundation's newly expanded donation (from $10 million to $100 million).
